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State of Markets - TAS July 2012

Essential information, plus expert insight on what is shaping the national property market...

TASMANIA

Fast figures

2.6% - Vacancy rate for Greater Hobart, April 2012 (SQM Research)

214,705 – Population of Greater Hobart (ABS)

7% - Hobart’s unemployment rate, the highest in the nation (ABS)

Mt Stuart finding favour with sellers

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North Hobart is still the capital’s hottest spot if you want to sell, but the neighbouring suburb of Mt Stuart is closing in on its trendy counterpart.

A list of the top 10 sellers’ markets in Tasmania, put out regularly by online real estate company realestate.com.au, included the hillside locale for the first time in February. Mt Stuart’s rise up the property ladder caused eastern shore suburb Acton Park to drop off the list.

Blue Edge Property director John Huizing said Mt Stuart offered good value, with a cross-section of properties ranging from stately homes to small cottages.

“It’s an area that appeals because of its position; it has been on the rise for some time,” he said. “From some parts you can walk in to the CBD and many areas in Mt Stuart boast spectacular views.”

Double first timers’ grant: REIT

Tasmania’s first home owner grant should be doubled to $14,000, the state’s top real estate body has said.

Real Estate Institute of Tasmania (REIT) president Adrian Kelly says upping the grant – if only for a period of 60 days – would have a huge and positive impact on the ailing real estate industry, as well as on the wider economy.

The incentive would help first home buyers enter the real estate market, create work within the building industry and have a flow-on effect for small businesses right across the state.

It would also offer much-needed relief within the overcrowded rental market as people moved out of rental accommodation and into their own homes.

Mr Kelly added that there were plenty of potential young buyers and an extra $7,000 would be just the incentive they needed.